1Exhibit 4.30THIS GUARANTEE is made on the 3rd day of March 2006**BETWEEN****1. FREESEAS INC.**(former ADVENTURE HOLDINGS S.A.) a company duly incorporated under the laws ofthe Republic of The Marshall Islands and having its registered office at Trust Company Complex,Ajeltake Island, Majuro, the Republic of the Marshall Islands (the “Guarantor”), and**2. **EGNATIA BANK S.A., a company incorporated in Greece having its registered office at 4, DanaidonStreet, Thessaloniki, Greece, acting for the purposes of this Agreement through its office at 116Kolokotroni Street, Piraeus 185 35, Greece (the “Bank”).**WHEREAS****A. **By a Loan Agreement dated 9th June 2005 as amended by an Addendum Number Onedated 3rd March 2006 (the “Loan Agreement”) and made between (1) the Bank and (2)ADVENTURE FOUR S.A. of the Republic of The Marshall Islands, having its registered office at TrustCompany Complex, Ajeltake Island, Majuro, The Republic of the Marshall Islands (the “Borrower”) (acopy of which Loan Agreement is attached hereto for the purposes of identification) it was agreedamongst other things that the Bank would make available to the Borrower upon the terms andconditions therein described a sum of up to United States Dollars seven million (US$ 7,000,000).**B. **It is a condition precedent to the Bank making available the said sum to the Borrower thatthe Guarantor shall execute and deliver to the Bank this Guarantee which is the Guarantee referredto in the Loan Agreement.**C. **The Guarantor has a benefit from granting this Guarantee, since the Guarantor has a closerelationship and mutual assistance with the Borrower and shares mutual commercial interests withthe latter.**NOW THIS GUARANTEE WITNESSETH AND IT IS HEREBY AGREED**

 

2**1. DEFINITION AND INTERPRETATION****1.01.**Expressions defined in the Loan Agreement shall, unless the context otherwise requires, havethe same meanings when used in this Guarantee.**1.02.**In this Guarantee:**(a)** Clause headings are inserted for convenience only and shall not affect the construction ofthis Guarantee and unless otherwise specified, all references to Clauses are to clauses ofthis Guarantee; **(b)** unless the context otherwise requires, words denoting the singular number shall include theplural and vice versa; **(c)** references to persons include bodies corporate and unincorporate; **(d)** references to assets include property, rights and assets of every description; **(e)** references to any document are to be construed as references to such document as amended orsupplemented from time to time; and **(f)** references to any enactment include re-enactments, amendments and extensions thereof.**2. GUARANTEE****2.01.**For and in consideration of the Bank’s agreement to making available the Loan to the Borrowerand for other good and valuable consideration (the receipt of which is hereby acknowledged by theGuarantor), the Guarantor as primary obligor and not merely as surety, whereby the Bank shall atthe same time proceed against the Borrower, hereby jointly and severally with any other guarantorirrevocably and unconditionally:**(a)** guarantees to the Bank prompt performance by the Borrower of all its obligations under or inconnection with the Loan Agreement and payment on the due date of all sums payable now or inthe future to the Bank by the Borrower thereunder or in connection therewith when and as thesame shall become due (or in the case of sums expressed to be payable by the

 

3  Borrower on demand (whether following acceleration or otherwise), when and as the sameshall be demanded by the Bank); **(b)** undertakes with the Bank that, if and whenever the Borrower shall be in default in thepayment of any sum whatsoever under or in connection with the Loan Agreement, the Guarantorwill pay such sum on demand; and**(c) **undertakes with the Bank that if and whenever the Borrower shall be in default in theperformance of any of its obligations whatsoever under or in connection with the Loan Agreement,the Guarantor will perform such obligations on demand.**2.02.**The Guarantor unconditionally and irrevocably agrees that, if any sums hereby guaranteed arenot recoverable on the basis of a guarantee (whether by reason of any legal limitation, illegality,disability or incapacity on or of the Borrower, and/or the other Security Parties, or the Guarantoror any other person or by reason of any other fact or circumstance, and whether or not known to ordiscoverable by the Guarantor, the Borrower, the Bank or any other person), then the Guarantorwill, as a separate and independent stipulation and as a primary obligor, pay to the Bank on demandan amount or amounts equal to the amount or amounts which the Guarantor would have been liable topay but for such irrecoverability suffered or incurred by the Bank as a result of suchirrecoverability.**2.03.**It is declared and agreed that:**(a) **this Guarantee shall be held by the Bank as a continuing security and shall not be satisfiedby any intermediate payment or satisfaction of any part of the moneys and liabilities herebyguaranteed;**(b) **the security so created shall be in addition to and shall not in any way be prejudiced oraffected by any of the other Security Documents;**(c) **the Bank shall not be bound to enforce any of the other Security Documents before enforcingits rights under this Guarantee;**(d) **no delay or omission on the part of the Bank in exercising any right, power or remedy underthis Guarantee shall impair such right, power or remedy or be construed as a waiver thereofnor shall any single or partial

 

4  exercise of any such right, power or remedy preclude any further exercise thereof or theexercise of any other right, power or remedy. The rights powers and remedies provided inthis Guarantee are cumulative and not exclusive of any rights, powers and remediesprovided by law and may be exercised from time to time and as often as the Bank may deemexpedient; and**2.04.**Any settlement or discharge under this Guarantee between the Bank and the Guarantor shall beconditional upon no security or payment to the Bank by the Borrower, the Security Parties, theGuarantor or any other person being avoided or set-aside or ordered to be refunded or reduced byvirtue of any provision or enactment relating to bankruptcy, insolvency or liquidation for the timebeing in force, and if such condition is not satisfied, the Bank shall be entitled to recover fromthe Guarantor on demand the value of such security or the amount of any such payment as if suchsettlement or discharge had not occurred.**2.05.**The obligations of the Guarantor under this Guarantee shall not be affected by any act,omission, matter or thing which, but for this provision, might operate to release or otherwiseexonerate the Guarantor from the Guarantor’s obligations hereunder in whole or in part, includingwithout limitation, and whether or not known to or discoverable by the Guarantor, the Borrower, theSecurity Parties, the Bank or any other person:**(a)** any time or waiver granted to or composition with the Borrower and/or the other SecurityParties, or any other person; or **(b)** the taking, variation, compromise, renewal or release of or refusal or neglect to perfect orenforce any rights, remedies or securities against the Borrower and/or the other SecurityParties, or any other person; or **(c)** any legal limitation, disability, incapacity or other circumstances relating to the Borrowerand/or the other Security Parties, or any other person; or **(d)** any amendment or supplement to the Loan Agreement or any other document or security; or **(e)** the dissolution, liquidation, amalgamation, reconstruction or reorganisation of the Borrowerand/or the other Security Parties, or any

 

5** ** other person; or **(f)** the unenforceability or invalidity of any obligations of the Borrower and/or the otherSecurity Parties, or any other person under the Loan Agreement or any other document orsecurity.**2.06.**Until the moneys and liabilities hereby guaranteed have been unconditionally and irrevocablypaid and discharged in full to the satisfaction of the Bank, the Guarantor shall not by virtue ofany payment made or performance hereunder on account of such moneys and liabilities or by virtue ofany relationship between, or transaction involving the Guarantor, the Borrower and/or the otherSecurity Parties (whether such relationship or transaction shall constitute the Guarantor acreditor of the Borrower and/or the other Security Parties, a guarantor of the obligations of theBorrower and/or the other Security Parties or a party subrogated to the rights of others againstthe Borrower and/or the other Security Parties or otherwise howsoever and whether or not suchrelationship or transaction shall be related to, or in connection with, the subject-matter of thisGuarantee):**(a)** exercise any rights of subrogation in relation to any rights, security or moneys held orreceived or receivable by the Bank or any other person; or **(b)** exercise any right of contribution from any co-surety liable in respect of such moneys andliabilities under any other guarantee, security or agreement; or **(c)** exercise any right of set-off or counterclaim against the Borrower, and/or the other SecurityParties, or any such co-surety; or **(d)** in case of an continuing Event of Default receive, claim or have the benefit of any payment,distribution, security or indemnity from the Borrower, and/or the other Security Parties, orany such co-surety; or **(e)** unless so directed by the Bank (when the Guarantor will prove in accordance with suchdirections), claim as a creditor of the Borrower, and/or the other Security Parties, or anysuch co-surety in competition with the Bank.The Guarantor shall hold in trust for the Bank and forthwith pay or transfer (as appropriate) tothe Bank any such payment (including an amount equal to any such

 

6set-off), distribution or benefit of such security, indemnity or claim in fact received by theGuarantor.**2.07.**Until all moneys and liabilities hereby guaranteed have been unconditionally and irrevocablypaid in full to the satisfaction of the Bank, the Bank may at any time keep in a separateinterest-bearing account for as long as it may reasonably think fit, any moneys received, recoveredor realised under this Guarantee or under any other guarantee, security or agreement relating inwhole or in part to the moneys and liabilities hereby guaranteed in order to apply the same or anypart thereof in or towards the discharge of such amount.**3. REPRESENTATIONS AND WARRANTIES****3.01.**The Guarantor hereby represents and warrants to the Bank that:**(a)** the Guarantor has no established offices in Greece **(b)** the Guarantor has full power and authority (i) to execute and deliver this Guarantee and allnotices, certificates and other documents related to this transaction and (ii) to comply withthe provisions of, and perform all the Guarantor’s obligations under this Guarantee; **(c)** to the Guarantor’s best knowledge this Guarantee constitutes the Guarantor’s legal, valid andbinding obligations enforceable against the Guarantor in accordance with its terms except assuch enforcement may be limited by any relevant bankruptcy, insolvency, administration orsimilar laws affecting creditors’ rights generally; **(d)** to the Guarantor’s best knowledge the entry into and performance by the Guarantor of thisGuarantee does not and will not violate in any respect (i) any law or regulation of anygovernmental or official authority or body, or (ii) any agreement, contract or otherundertaking to which the Guarantor is a party or which is binding upon the Guarantor or any ofthe Guarantor’s property or assets; **(e)** to the Guarantor’s best knowledge all consents, licences, approvals and authorisationsrequired in connection with the entry into, performance,

 

7validity and enforceability of this Guarantee and the transactions contemplated herebyhave been obtained and are in full force and effect and will be so maintained throughoutthe Security Period;**(f)  **it is not necessary for the legality, validity, enforceability or admissibility in evidenceof this Guarantee that this Guarantee or any document relating hereto be registered, filed,recorded or enrolled with any court or authority in any relevant jurisdiction or that anystamp, registration or similar tax be paid on or in relation to this Guarantee;**(g)** no action, suit, proceeding, litigation or dispute against the Guarantor is presently takingplace or pending or to the Guarantor’s knowledge threatened nor is there subsisting anyjudgment or award given against the Guarantor before any Court, board of arbitration or otherbody which, in either case, could or might result in any material adverse change in thebusiness or financial condition of the Guarantor; **(h)** to the Guarantor’s best knowledge the Guarantor is not in default under any materialagreement to which the Guarantor is a party or by which the Guarantor is bound, and no Eventof Default relating to the Guarantor (or event which, with the giving of notice and/or lapseof time or other applicable condition might constitute an Event of Default relating to theGuarantor) has occurred and is continuing nor will such a default or Event of Default (or suchevent) result from the entry by the Guarantor into this Guarantee or the performance by theGuarantor of any of the Guarantor’s obligations under this Guarantee; **(i)** none of the assets of the Guarantor is subject to any security interest except as disclosedto the Bank on or prior to the date of this Guarantee; **(j)** to the Guarantor’s best knowledge all financial and other information furnished by theGuarantor in connection with the negotiation of this Guarantee or delivered to the Bankpursuant to this Guarantee was true and accurate when given and there were no other facts ormatters the omission of which would have made any statement or information therein containedmisleading; **(k)** all payments made or to be made by the Guarantor under or pursuant to

 

8  this Guarantee may be made free and clear of, and without deduction or withholding for oron account of, any Taxes; **(l)** the Guarantor is fully familiar with and agrees to all the provisions of the Loan Agreementand the other Security Documents; **(m)** the Guarantor has read and understood the provisions of this Guarantee and has takenindependent legal advice as to the effect hereof and, in particular, the Guarantor understandsthat failure to comply with this Guarantee may result in the Guarantor’s assets being seizedand **(n)** no oral or written statement has been made by or on behalf of the Bank which could beconstrued as a waiver of any provisions of this Guarantee or a statement of intention not toenforce the same in accordance with its terms.**3.02.**The representations and warranties of the Guarantor set out in Clause 3.01 shall survive theexecution of this Guarantee and shall be deemed to be repeated at the commencement of each InterestPeriod and, if different, on each Repayment Date, with respect to the facts and circumstancesexisting at each such time, as if made at each such time and shall terminate upon payment in fullof the Loan.**4. UNDERTAKINGS**The Guarantor undertakes that, as and from the date of this Guarantee and throughout the LoanPeriod, the Guarantor will comply in full with the following undertakings;**(a)** the Guarantor will send (or procure that there is sent) to the Bank: **(i)** as soon as the same is instituted (or, to the knowledge of the Guarantor,threatened), details of any litigation, arbitration or administrative proceedingsagainst or involving the Guarantor which could or might result in any adverse changein the business or financial condition of the Guarantor; and  **(ii)** from time to time, and on demand, such financial or other

 

9   information except as may be prohibited by any applicable law and keep the Bankadvised of all major financial developments (such as new acquisitions, or sales ofvessels, new loans, refinancing or restructuring of existing loans contracts forany employment of vessels and any other borrowed money) relating to the Guarantoras may be reasonably requested by the Bank;**(b)** Furnish the Bank, in form and substance satisfactory to the Bank, with annual, combinedfinancial statements of the Guarantor within 120 days after the end of the financial yearconcerned commencing as of 31st December 2004 prepared in accordance with generally acceptedaccounting principles consistently applied;**(c)** the Guarantor will notify the Bank in writing of any Event of Default relating to theGuarantor (or event which, with the giving of notice and/or lapse of time or other applicablecondition, might constitute an Event of Default relating to the Guarantor) forthwith upon theoccurrence thereof;**(d)** the Guarantor will obtain and promptly renew from time to time, and will promptly furnishcertified copies to the Bank of all such authorisations, approvals, consents and licenses asmay be required under any applicable law or regulation to enable the Guarantor to perform theGuarantor’s obligations under this Guarantee, or required for the validity or enforceabilityof this Guarantee and the Guarantor shall comply with the terms of the same;**(e)** the Guarantor undertakes that from the date of this Agreement and as long as any sums are dueand/or outstanding under this Agreement or any of the other Security Documents, the Guarantorwill incur no further Indebtedness nor make any loans or advances or pay dividends and grantno guarantee to and/or in favour of anybody without the written advice to the Bank.**5. PAYMENTS AND CALCULATIONS, INTEREST****5.01.**All payments to be made by the Guarantor to the Bank under this Guarantee shall be made bynot later than 10.00 a.m. on the due date in same day

 

10Dollar funds settled through the New York Interbank Payments System (or in such other funds and/orsettled in such other manner as the Bank shall specify as being required by the terms of the LoanAgreement or as being customary at the time for the settlement of international transactions of thetype contemplated by this Guarantee) to the account of the Bank (Account No. 890-0055-561 with Bankof New York Swift Code IRVTUS3N) or to such other bank account as the Bank may from time to timenotify to the Guarantor.**5.02.**If any sum shall become due on a day which is not a Banking Day, the due date thereof shallbe extended to the next succeeding Banking Day, unless such Banking Day falls in the next calendarmonth, in which event such due date shall be the immediately preceding Banking Day.**5.03.**In the event that the Bank does not receive on the due date any sum due under this Guarantee,the Guarantor shall pay to the Bank on demand interest on such sum from and including the due datetherefor to the date of actual payment (as well after as before judgement) at the rate per annumdetermined by the Bank from time to time to be the aggregate of (a) two per cent per annum, (b) theMargin, (c) LIBOR for such period. Any such interest which is not paid shall be compounded at theend of each such period. All payments of interest hereunder shall be calculated on the basis ofactual days elapsed in a 360 day year.**6. EXPENSES****6.01.**The Guarantor shall pay to the Bank on demand all reasonablecosts, fees and expenses(including, but not limited to, legal fees and expenses) and Taxes thereon incurred by the Bank inconnection with:**(a)**the negotiation, preparation and execution of this Guarantee; and/or**(b)** the preserving or enforcing of, or attempting to preserve or enforce, any of its rights underthis Guarantee.**6.02.**The Guarantor shall pay to the Bank on demand all costs, fees and expenses (including, butnot limited to, legal fees and expenses) and Taxes thereon incurred by the Bank in connection with:

 

11**(a)** any variation of, or amendment or supplement to, any of the terms of this Guarantee; and/or**(b)** any consent or waiver required from the Bank in relation to this Guarantee, and in each case,regardless of whether the same is actually implemented, completed or granted, as the case maybe.**6.03.**The Guarantor shall pay promptly all stamp, documentary and other like duties and Taxes towhich this Guarantee may be subject or give rise and shall indemnify the Bank on demand against anyand all liabilities with respect to or resulting from any delay or omission on the part of theGuarantor to pay any such duties or Taxes.**7. CURRENCY INDEMNITY**If, under any applicable law or regulation, and whether pursuant to a judgment being made orregistered against the Guarantor or the bankruptcy of the Guarantor or for any other reason, anypayment under or in connection with this Guarantee is made or falls to be satisfied in a currency(the “payment currency”) other than the currency in which such payment is due under or inconnection with this Guarantee (the “contractual currency”), then to the extent that the amount ofsuch payment actually received by the Bank, when converted into the contractual currency at therate of exchange, falls short of the amount due under or in connection with this Guarantee, theGuarantor, as a separate and independent obligation, shall indemnify and hold harmless the Bankagainst the amount of such shortfall. For the purposes of this Clause 7, “rate of exchange” meansthe rate at which the Bank is able on or about the date of such payment to purchase the contractualcurrency with the payment currency and shall take into account any premium and other costs ofexchange with respect thereto.**8.****NO COUNTERCLAIM, TAXATION****8.01.**All payments to be made by or on behalf of the Guarantor to the Bank pursuant to thisGuarantee shall be made (a) without any set-off, counterclaim or

 

12condition whatsoever and (b) free and clear of, and without deduction for or on account of, anypresent or future Taxes, unless the Guarantor is required by law or regulation to make any suchpayment subject to any Taxes.**8.02.**In the event that the Guarantor is required by any law or regulation to make any deduction orwithholding on account of any Taxes from any payment due under this Guarantee, then:**(a)** the Guarantor shall notify the Bank promptly as soon as it becomes aware of such requirement; **(b)** the Guarantor shall remit promptly the amount of such Taxes to the appropriate taxationauthority, and in any event prior to the date on which penalties attach thereto; **(c)** such payment shall be increased by such amount as may be necessary to ensure that the Bankreceives a net amount, free and clear of all Taxes, equal to the full amount which the Bankwould have received had such payment not been subject to such Taxes; and **(d)** the Guarantor shall indemnify the Bank against any liability of the Bank in respect of suchTaxes.**8.03.**Not later than thirty days after each deduction or withholding of any such Taxes, theGuarantor shall forward to the Bank evidence satisfactory to the Bank that such Taxes have beenremitted to the appropriate taxation authority.**9. SET - OFF**The Guarantor authorises the Bank (without prejudice to any of the Bank’s rights at law orotherwise), at any time and without notice to the Guarantor to apply any credit balance to whichthe Guarantor is then entitled and/or to whatever currency standing upon any such account of therelevant Guarantor with any branch of the Bank in or towards satisfaction of the Indebtedness. Forthis purpose, the Bank is authorised to purchase with the moneys standing to the credit of suchaccount such other currencies as may be necessary to effect such application. The Bank shall not beobliged to exercise any right given to it by this clause. The Bank shall notify the

 

13Guarantor forthwith upon the exercise or purported exercise of any right of set-off giving fulldetails in relation thereto.**10. COMMUNICATIONS****10.01.**Except as otherwise provided for in this Guarantee all notices or other communications underor in respect of this Guarantee to either party hereto shall be in writing and shall be deemed tobe duly given or made when delivered and received (in the case of personal delivery or letter) andwhen despatched (in the case of the telex and/or facsimile) to such party addressed to it at theaddress appearing below (or at such other address as such party hereafter specify for such purposeto the other by notice in writing): 1. In the case of the Guarantor c/o FREE BULKERS S.A., 93 Akti Miaouli Street, 185 38Piraeus , Greece, fax no +30 210 4291010, emailfreebulk@otenet.gr, for the att. of MrGeorge D. Gourdomichalis and/or Efstathios D. Gourdomichalis and/or Ion Varouxakis, eachone  2. In the case of the Bank at 116, Kolokotroni Street, Piraeus, Greece.A written notice includes a notice by telex and/or facsimile. A notice or other communicationreceived on a non-working day or after business hours in the place of receipt shall be deemed to beserved on the next following working day in such place.**10.02.**All communications and documents delivered pursuant to or otherwise relating to thisGuarantee shall either be in Greek or English or accompanied by a certified Greek or Englishtranslation prepared by a translator approved by the Bank.**10.03.**A certificate or determination of the Bank as to any matter provided for in this Guarantee,in the absence of manifest error, shall be conclusive and binding on the Guarantor.

 

14**11. ASSIGNMENTS****11.01.**This Guarantee shall be binding upon and inure to the benefit of the Bank and the Guarantorand their respective successors and permitted assigns and references in this Guarantee to either ofthem shall be construed accordingly.**11.02.**The Guarantor may not assign or transfer any of the Guarantor’s rightsand/or obligations under this Guarantee.**11.03.**The Bank may after prior written notice to the Guarantor of not less than fifteen (15) daysassign or transfer all or part of its rights or obligations hereunder to any assignee ortransfereeof all or a similar proportion of its rights and/or obligations under the Loan Agreementor change its lending office.**11.04.**The Bank may disclose to any potential assignee or transferee of all or any part of itsrights or obligations under this Guarantee or to any person who may otherwise enter intocontractual relations with the Bank in relation to this Guarantee, such information about theGuarantor and/or the Guarantor’s related entities as the Bank thinks fit subject to the Bank givingprior notice thereof to the Guarantor.**12. MISCELLANEOUS****12.01.**Time shall be of the essence of this Guarantee. No delay or omission on the part of the Bankin exercising any right, power or remedy under this Guarantee shall impair such right, power orremedy or be construed as a waiver thereof nor shall any single or partial exercise of any suchright, power or remedy preclude any further exercise thereof or the exercise of any other right,power or remedy. The rights, powers, and remedies herein provided are cumulative and not exclusiveof any rights, powers and remedies provided by law and may be exercised from time to time and asoften as the Bank deems expedient.**12.02.**Any waiver by the Bank of any terms of this Guarantee, or any consent or approval given bythe Bank under this Guarantee, shall only be effective if given in writing and then only for thepurpose and upon the terms for which it is given.

 

15**12.03.**If at any time any one or more of the provisions in this Guarantee is or becomes invalid,illegal or unenforceable in any respect under any law or regulation, the validity, legality andenforceability of the remaining provisions of this Guarantee shall not be in any way affected orimpaired thereby.**12.04.**The obligations of the Guarantor under this Guarantee shall remain in full force and effect(always subject to Recital D hereof) until the Bank shall have received all amounts due or tobecome due to it hereunder in accordance with the terms hereof. Without prejudice to the foregoing,the obligations of the Guarantor under Clauses 2.04., 5.03., 6, and 7 shall survive the repaymentof the Loan.**13. LAW AND JURISDICTION****13.01**This Guarantee and Indemnity shall in all respects be governed by and construed in accordancewith the law of England**13.02**For the exclusive benefit of the Bank, the Guarantor irrevocably agrees that the Courts ofPiraeus Greece are to have jurisdiction to settle any disputes arising out of or in connection withthis Guarantee and Indemnity and that any suit, action or proceedings arising out of or inconnection with this Guarantee and Indemnity may be brought in those courts **PROVIDED THAT**nothingcontained in this Clause shall limit the right of the Bank to take any suit, action or proceedingsagainst the Guarantor in any other court of competent jurisdiction nor shall the taking of anysuit, action or proceedings against the Guarantor in one or more jurisdictions preclude the takingof any suit, action or proceedings in any other competent jurisdiction whether concurrently ornot.**13.03**The Guarantor irrevocably waives any objection which it may now or in the future have to thelaying of the venue of any suit, action or proceedings in any such court as is referred to inClause 13.2 and any claim that such suit, action or proceedings has been brought in an inconvenientor inappropriate forum and irrevocably agrees that a judgement in any such suit, action orproceedings brought in any such court shall be conclusive and binding on the Guarantor and may beenforced in the courts of any other jurisdiction.

 

16**13.04**The Guarantor irrevocably agrees that any writ, notice, judgement or other legal processshall be sufficiently served on it if addressed to the Guarantor and left at or sent by post to theAddress for Service.**13.05** Mr John Hadjis at 6, Bouboulinas Street, 185 35 Piraeus , Greece, fax no +30 210 4225300is hereby appointed by the Guarantor as agent to accept service (hereinafter “Process Agent”)upon whom any judicial process may be served and any notice, request, demand or othercommunication under this Agreement or any of the other Security Documents. In the event thatthe Process Agent (or any substitute process agent notified to the Bank in accordance with theforegoing) cannot be found at the address specified above (or, as the case may be, notified tothe Bank), which will be conclusively proved by a deed of a process server to the effect thatthe Process Agent was not found at such address, any process notice, request, demand or othercommunication to be sent to the Guarantor may be validly effected upon the District Attorneyof the First Instance Court of Piraeus.**IN WITNESS**whereof the parties hereto have entered into this Guarantee on the date first abovewritten.     **SIGNED**by  ) Stefanos Kardamakis  ) Pantelis Vokos  ) the duly authorised attorneys  ) for and on behalf of  ) **EGNATIA BANK S.A.**  )      **SIGNED**by  ) /s/[ILLEGIBLE]            ) the duly authorised attorney  ) for and on behalf of  ) **FREESEAS INC**  ) 

 

17**ANNEX 1:**